There is risk in everything you do. Risks come in starting a new job, starting your own company, and hiring employees, just to name a few.
Lance Smith, owner of L.D. Smith Plumbing in Indianapolis, faced plenty of risk as he left his job as a plumber and set off to start his own business in 2011. Larger firms were buying small plumbing shops and Smith didn’t like what he was seeing. He wanted to be a change for the industry.
Risking everything he owned, Smith turned his garage into a base of operations and quickly grew his business to where it is now — in an 11,000-square-foot building with eight service trucks and one excavation crew.
As you’ll read in this issue, it took some hard work and determination to get Smith to where he is now. It was a big risk to put everything he owned on the line without knowing what was going to happen.
One thing though I’ve heard from many business owners that we’ve interviewed over the years is: “If you aren’t prepared to take risks, you have no business being an entrepreneur.”
It might be true, but there are also ways you can minimize some of the risks you are taking.
Research
Do as much research as you can. You can never be overinformed on what is going on in your industry. Talk to other business owners in the industry and find out what struggles they had when they started, or talk to plumbers and learn what they would like in a company.
Listen
The feedback you get early on from customers and other individuals in the industry can be some of the most valuable information you can collect. Taking what they say and turning it into a positive outcome or finding a solution to their questions can help you identify holes in your plan.
Maximize your resources
Whether it’s capital that you need to purchase trucks and other equipment or space in your office or location, keeping a tight handle on your resources is important. Plan what you need, then develop a strategy to help you along the way.
Don’t be afraid to make mistakes
When starting from scratch, you are bound to make mistakes. Tons of mistakes. But a mistake is only bad if you can’t learn from it. Put a Band-Aid over every cut and scrape, and keep on pushing toward your goal.
WHAT HAVE YOU LEARNED?
What advice would you pass on to others about starting their own plumbing business? What have you learned along the way? Email me at editor@plumbermag.com or call 800-257-7222. I would love to hear your story.
Enjoy this issue!
